President Donald Trump launched a tirade at Federal Reserve Chair Jerome Powell late on Friday, calling on Powell to immediately lower interest rates.
"'Too Late' Powell complains about costs, much of which were produced by the Biden Fake 'Government,' but he could do the biggest and best job for our Country by helping to lower Interest Rates and, if he reduced them to the number they should be, 1% to 2%, that 'numbskull' would be saving the United States of America up to $1 Trillion Dollars per year," Trump wrote on his social media platform Truth Social.
"I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I’ve tried it all different ways. I’ve been nice, I’ve been neutral, and I’ve been nasty, and nice and neutral didn’t work! He’s a dumb guy, and an obvious Trump Hater, who should have never been there, I listened to someone that I shouldn’t have listened to, and Biden shouldn’t have reappointed him," Trump continued.
Tensions between Trump and Powell have been escalating for months.
After boasting of surging tariff income and factories being built nationwide, "better than it has ever done before," he continued laying into the Fed chair.
"If he was concerned about Inflation or anything else, then all he has to do is bring the Rate down, so we can benefit on Interest Costs, and raise it in the future when and if these 'other elements' happen (which I doubt they will!). Don’t say that you think there will be Inflation sometime in the future, because there isn’t now but, if there is, raise the Rates! We should be at the TOP of the attached List, not the bottom. I don’t know why the Board doesn’t override this Total and Complete Moron!" he raged.
He concluded that he may "have to change my mind about firing him?"
Powell's term ends in May 2026.